$351M Stolen , Two Crypto Security Incidents in 24 Hours| Bitget and Magic Eden

[Clearnet]

Two Major Hacks Within 24 Hours: Bitget & Magic Eden

According to reccent news within 24 hours two major Company Bitget & Magic eden has been hacked and over $351.6 million has been stolen.


1. The Bitget Issue

First the Bitget issue, although their CEO Gracy Chen Said that their Backend System has compromised which was primiarly trigger the spend/transfer authorization.

https://talkimg.com/images/2026/09/25/U0FFDc.png

Although he reportedly claimed that their private key has not been compromised which the offline vault.

Although he re assures the user's that their User Protection Fund holds more than $464 million so it covers all the stolen/lost funds.

Although this time no bitcoin has been found to compromised, their compromised tokens are:

• ~102.9M XRP
• ~31,890 ETH
• ~$75M+ in stablecoins
• ~3,000 XAUt
• BNB
• AVAX
• TRX

Largest hacking group Lazarus could be the culprint behidn this .


2. Magic Eden Contract Compromises

Another one is Magic Eden Contract compromises. It surprises me a lot.

Lets see what is does and what could have been worse .

A total of 3,832 NFTs were moved from hundreds of wallets.

Another analysis reports:

• 911 affected wallets
  
• approximately 530 WETH
  

So what actually happened is hacker group has been exploited the cotract of magic eden and they are approving all the nfts with ETH sales/transfers.

A pseudonymous security researcher 0xQuit white hack all the NFT to protect the NFT from being stolen.

https://talkimg.com/images/2026/09/25/U0FEnP.png


3. Hardware Wallets & Smart-Contract Permissions

A harware wallet can protect you private keys but it does not automatically protect you from malicious smart-contract permissions you've already granted.


4. What Could Have Been Worse?

I am wondering what would happened, if the hacker would have found a way to Modify the cotract and stolen the bitcoin from users wallet.

Since we all knows that ordinals, runes are on Brc-20 chain.

A lot disaster could have happened.
Usefull resources -
https://www.bitget.com/support/articles/12560603896024
https://x.com/GracyBitget/status/2103284265563902056
https://www.coindesk.com/markets/2026/09/25/bitget-s-usd351-million-hack-happened-via-spoofed-transfers-not-private-keys-ceo-gray-chen-says

https://itokenly.com/hacks/bitget-september-2026
https://en.bloomingbit.io/feed/news/121045
https://cryptoticker.io/en/magic-eden-limit-break-exploit-weth-nfts-revoke-approvals/
https://crypto.news/magic-eden-undergoing-possible-exploit-as-thousands-of-nfts-move-for-0-eth/

[oll]

And you've forgotten about Duelbits, they were also hacked recently.
https://bitcointalk.org/index.php?topic=5594995.msg67175752#msg67175752

[X-ray]

I am wondering what would happened, if the hacker would have found a way to Modify the cotract and stolen the bitcoin from users wallet.

Since we all knows that ordinals, runes are on Brc-20 chain.

Bitget was centralized custody failure, the fault is on the company managing their hot wallets

Magiceden on the other hand was smart contract failure and the only Bitcoin the hacker can steal is wrapped BTC, which isn't real Bitcoin but a pegged a wrapper token and only possible to happen in altcoin blockchain.

Bitcoin has nothing to do with all of that, even the entropy bug suffered by ColdCard was ColdCard's mistake.

You can rest assured that Bitcoin and its blockchain is safe and considering how ordinals work, I don't think it can drain your Bitcoin at all.

[pooya87]

1. The Bitget Issue
Although this time no bitcoin has been found to compromised, their compromised tokens are:

2. Magic Eden Contract Compromises
A total of 3,832 NFTs were moved from hundreds of wallets.

In other words these have nothing to do with bitcoin and the topic does not belong here.
Additionally this is not new nor surprising. Centralized exchanges and shitcoins gets hacked all the time, specially since the token's smart contract protocols are flawed and allow such vulnerabilities to be exploited.

I am wondering what would happened, if the hacker would have found a way to Modify the cotract and stolen the bitcoin from users wallet.

That's impossible because Bitcoin's smart contract protocol (ie. the scripts) is a solid protocol written without an exploit.

If it were anything like the shitcoins, then Bitcoin would have ceased to exist because unlike shitcoins and shittoken creation platforms, Bitcoin exists only to act as a secure payment system and if its smart contract protocol (the Scripts) had any vulnerabilities they would have been exploited long ago and would have rendered bitcoin useless already.

The only reason why flawed and broken altcoin protocols don't disappear is because nobody cares about them. People are gambling with altcoins and shittokens (eg. ETH and ETH-based tokens) and if they lose money to an exploit, it is just a bet gone wrong and they'll make new bets.

[Clearnet]

I am wondering what would happened, if the hacker would have found a way to Modify the cotract and stolen the bitcoin from users wallet.

That's impossible because Bitcoin's smart contract protocol (ie. the scripts) is a solid protocol written without an exploit.

So you're saying even though the smart contract of Magic Eden had exploited there is no way to transfer the fund from Ordinals ,  Runes? Cause smart contract are made for approving transactiom auto on behalf of us , so we don't need to transfer and sign everytime.

Or you're excluding the Ordinals , Brc-20 from main bitcoin protocols?

[asriloni]

Largest hacking group Lazarus could be the culprint behidn this .

I guess the hack is not tied to the lazarus group. The latest update by lookonchain showing us the hackers who hacked bitget wallet has withdrawn money from Binance hot wallet. We know that binance is very strct, and KYC is mandatory there. No lazarus hacker will be doing stupid thing like that.

As i know Lazarus group was always laundering their hacked money through tornado, while this hacker is withdrawing money from binance, then send it to the bitget hacker's wallet. So my assumption is that it's related to the insider instead of lazarus group.

No smart hacker would be doing such a stupid move.

[pooya87]

I am wondering what would happened, if the hacker would have found a way to Modify the cotract and stolen the bitcoin from users wallet.

That's impossible because Bitcoin's smart contract protocol (ie. the scripts) is a solid protocol written without an exploit.

So you're saying even though the smart contract of Magic Eden had exploited there is no way to transfer the fund from Ordinals ,  Runes? Cause smart contract are made for approving transactiom auto on behalf of us , so we don't need to transfer and sign everytime.

Or you're excluding the Ordinals , Brc-20 from main bitcoin protocols?

Bitcoin is not a token creation platform to have Ordinals, BRC-20 or whatever else they keep calling their crap. All these things are arbitrary data injected into the chain and aren't smart contracts the way they are on a token creation platform.

[nelson4lov]

These continous hacks are part of the reasons why I have acquired a distaste for trying out new crypto protocols and products in recent times. There's no telling which of the platforms that people use will ne compromised next. It's even worse that most pf the protocols being exploited are the ones with decent amount of audits like Magic Eden.

These days, there's no guarantee that a product you use everyday won't get hacked. That possibility is growing everyday. Sad to see.

[Ayers]

These continous hacks are part of the reasons why I have acquired a distaste for trying out new crypto protocols and products in recent times. There's no telling which of the platforms that people use will ne compromised next. It's even worse that most pf the protocols being exploited are the ones with decent amount of audits like Magic Eden.

These days, there's no guarantee that a product you use everyday won't get hacked. That possibility is growing everyday. Sad to see.

Crypto not even been around for 2 decades and still pretty young industry. So all these hack, crash and scam not really shock me at all by now. These kind of problem probably going to stay for a long bit more until the space mature more.

Check out internet in the 90s, you'll find the very same story. Tech was unproven back then, security had a ton of gaps, and failed company and scam was everywhere too. But none of that stopped internet from turning into something we basically can't live without today.

So what is happening with crypto right now is just a part of maturing.

[coinrifft]

Crypto not even been around for 2 decades and still pretty young industry. So all these hack, crash and scam not really shock me at all by now. These kind of problem probably going to stay for a long bit more until the space mature more.

Check out internet in the 90s, you'll find the very same story. Tech was unproven back then, security had a ton of gaps, and failed company and scam was everywhere too. But none of that stopped internet from turning into something we basically can't live without today.

So what is happening with crypto right now is just a part of maturing.

Yes, but this is different as compared to early 90's internet. Crypto is much a bigger space with billions of dollars flowing that's why it is very attracted to state sponsored or even group of hackers in the world right now.

We could mature in the next 5 years or so. But with the advent of AI, gonna be a different ballgame for us as they can also be used by this criminals to exploit everything they find specially in Defi as it's security is very soft and there are a lot of loopholes.

[DanWalker]

I guess the hack is not tied to the lazarus group. The latest update by lookonchain showing us the hackers who hacked bitget wallet has withdrawn money from Binance hot wallet. We know that binance is very strct, and KYC is mandatory there. No lazarus hacker will be doing stupid thing like that.

As i know Lazarus group was always laundering their hacked money through tornado, while this hacker is withdrawing money from binance, then send it to the bitget hacker's wallet. So my assumption is that it's related to the insider instead of lazarus group.

No smart hacker would be doing such a stupid move.

We cannot really tell yet whether Lazarus is behind this, but Gracy Chen said during an X livestream that there's a pretty high chance DPRK was behind the attack.

But don't you find one thing kinda funny? Almost every major hack gets blamed on Lazarus or linked to North Korea pretty damn quickly, while people keep mocking it as some backward country. Lol.

I think they  do not even know who did it yet. They are just looking for someone to blame and trying to shift the attention away from themselves, imo.


https://www.tradingview.com/news/cointelegraph:4e37befd8094b:0-bitget-ceo-suspects-north-korea-behind-352m-hack-citing-ip-clues/

[nelson4lov]

These continous hacks are part of the reasons why I have acquired a distaste for trying out new crypto protocols and products in recent times. There's no telling which of the platforms that people use will ne compromised next. It's even worse that most pf the protocols being exploited are the ones with decent amount of audits like Magic Eden.

These days, there's no guarantee that a product you use everyday won't get hacked. That possibility is growing everyday. Sad to see.

Crypto not even been around for 2 decades and still pretty young industry. So all these hack, crash and scam not really shock me at all by now. These kind of problem probably going to stay for a long bit more until the space mature more.

Check out internet in the 90s, you'll find the very same story. Tech was unproven back then, security had a ton of gaps, and failed company and scam was everywhere too. But none of that stopped internet from turning into something we basically can't live without today.

So what is happening with crypto right now is just a part of maturing.

Imo, we shouldn't be getting this many hacks at this point in time. It used to be understandable 5-12 years ago, but not anymore. One would expect that, since the technology we have today is significantly better than what we had a decade ago, security would have improved with the times, but it appears to be lacking. I don't think it's every day we see a major bank or a top exchange like NYSE, Nasdaq, etc getting hacked for millions of dollars. We seriously have to scale our security instead of cowering under the umbrella of maturity.

A lot of people are afraid of putting money into protocols and crypto projects given how easy it is to lose everything to platform hacks these days. This is in addition to worrying about our own security setup.

[TastyChillySauce00]

These continous hacks are part of the reasons why I have acquired a distaste for trying out new crypto protocols and products in recent times. There's no telling which of the platforms that people use will ne compromised next. It's even worse that most pf the protocols being exploited are the ones with decent amount of audits like Magic Eden.

These days, there's no guarantee that a product you use everyday won't get hacked. That possibility is growing everyday. Sad to see.

Crypto not even been around for 2 decades and still pretty young industry. So all these hack, crash and scam not really shock me at all by now. These kind of problem probably going to stay for a long bit more until the space mature more.

Check out internet in the 90s, you'll find the very same story. Tech was unproven back then, security had a ton of gaps, and failed company and scam was everywhere too. But none of that stopped internet from turning into something we basically can't live without today.

So what is happening with crypto right now is just a part of maturing.

In my opinion, it's like comparing apple to orange, Internet back then doesn't secure money let alone billions, but crypto or to be more specific the decentralized finance is securing billions and it involves people's lifesaving. There should be no tolerance for security incident that could empty user's lifesaving.

Moreover, it isn't maturing if every protocol always come up with a new bugs or keep repeating the same mistake on old vulnerabilities, if things stay this way even after 10-20 years in the future, we're still going to see hacking incident because there's no such thing as maturing when protocol always make the same mistake over and over again. You can imagine the decentralized finance has lost people's trust by then. Losing hunders of millions dollar every year isn't going to look good.

[asriloni]

I guess the hack is not tied to the lazarus group. The latest update by lookonchain showing us the hackers who hacked bitget wallet has withdrawn money from Binance hot wallet. We know that binance is very strct, and KYC is mandatory there. No lazarus hacker will be doing stupid thing like that.

As i know Lazarus group was always laundering their hacked money through tornado, while this hacker is withdrawing money from binance, then send it to the bitget hacker's wallet. So my assumption is that it's related to the insider instead of lazarus group.

No smart hacker would be doing such a stupid move.

We cannot really tell yet whether Lazarus is behind this, but Gracy Chen said during an X livestream that there's a pretty high chance DPRK was behind the attack.

But don't you find one thing kinda funny? Almost every major hack gets blamed on Lazarus or linked to North Korea pretty damn quickly, while people keep mocking it as some backward country. Lol.

I think they  do not even know who did it yet. They are just looking for someone to blame and trying to shift the attention away from themselves, imo.


https://www.tradingview.com/news/cointelegraph:4e37befd8094b:0-bitget-ceo-suspects-north-korea-behind-352m-hack-citing-ip-clues/

It's because Lazarus being proven as the hackers who were never getting caught. So many parties used them as a scapegoat to blame their stupidity for not properly keeping their customer's money.

Honestly, i'm not fully trusting Gracy Chen's statement about his exchange hack is linked to Lazarus because i still remember correctly Lazarus's pattern is always laundering money through tornado cash.



The latest update from bitget if they're starting to process any withdrawal that gets stucked before. So i think this case is already solved because they replaced all of money got hacked.

[henmark]

In my opinion, it's like comparing apple to orange, Internet back then doesn't secure money let alone billions, but crypto or to be more specific the decentralized finance is securing billions and it involves people's lifesaving. There should be no tolerance for security incident that could empty user's lifesaving.

Moreover, it isn't maturing if every protocol always come up with a new bugs or keep repeating the same mistake on old vulnerabilities, if things stay this way even after 10-20 years in the future, we're still going to see hacking incident because there's no such thing as maturing when protocol always make the same mistake over and over again. You can imagine the decentralized finance has lost people's trust by then. Losing hunders of millions dollar every year isn't going to look good.

You got a point there mate but I think the internet still have improved its security. If I remember, we have no such thing as captcha back in time but if you noticed, whenever we logged on a website now, we need to comply on it first. BTC is only the one that is a decade old and not really the entire crypto, although other crypto projects may still learn on it and on how people interact with it. Even for an old project, bugs still can appear. The real 'maturing' is realizing this fact and not to put all your life savings in crypto.

It's even worse that most pf the protocols being exploited are the ones with decent amount of audits like Magic Eden.

If compared to them, a lot I see are still not popular as the other. But it is also no surprise on why attacks may also come on those projects you said there @nelson4lov mate, it is because a lot of people already trusted and put more money at them.

[Doan9269]

This keeps touching me the hard way, seeing that there is no single week that will pass by without having the experience of a crypto hack or scam, which means that there is much expected of us to do regarding our asset security and privacy, which so many people do not have such a mind, for how long are we going to be leaving the miscreant to take over our assets from us all of a sudden, what we have toiled and laboured for will just be taken by scammers through an insignificant mistake from our end, it is high time we put a stop to end this menace because it must not continue like this, the better we know more the easier it becomes for us to secure our crypto asset.

[tperkara]

Sadly, crypto scams and hacks happen way too often. Most of the time, one small mistake is enough to lose everything. We really need to pay more attention to wallet security, privacy, and the links or contracts we interact with. The more we learn about security, the better we can protect our funds.

[Slow death]

I am increasingly convinced that a government must be behind these attacks on the cryptocurrency market; they always involve the theft of millions of dollars in cryptocurrency, likely carried out by North Korean hackers acting under orders from their government. North Korea faces sanctions from many nations including the US, the European Union, Japan, and South Korea leaving its economy stifled. Its GDP is at most US$26.6 billion (an estimate), compared to South Korea's GDP of US$1.87 trillion.

It is clear that North Korea is economically strangled, yet the government continues to purchase weaponry; so, where does the money for these arms come from? Debt, and in all likelihood sending hackers to steal cryptocurrency. With the price of Bitcoin so high, the prices of altcoins are also elevated; consequently, robbing an exchange yields massive returns. In the past, exchanges saw low trading volumes, but today, with so many people in the cryptocurrency market, all exchanges handle high volumes.

Good news for those who use Bitget:

Bitget resumes Bitcoin withdrawals as hacker swaps ETH via THORChain

source: https://cointelegraph.com/news/bitget-btc-withdrawal-hacker-eth-swap-thorchain

[MArsland]

These continous hacks are part of the reasons why I have acquired a distaste for trying out new crypto protocols and products in recent times. There's no telling which of the platforms that people use will ne compromised next. It's even worse that most pf the protocols being exploited are the ones with decent amount of audits like Magic Eden.

These days, there's no guarantee that a product you use everyday won't get hacked. That possibility is growing everyday. Sad to see.

You are right, even now I began to reduce activity on some protocols, throughout 2026 I have already begun to unplug wallets connected to various sites. Normally I never do this because I feel safe, but after the events that the Lazarus Group constantly targets, it worries active users. Talking about Lazarus the group is endless and they can infiltrate any of the teams, apply to be a development, go undercover for a long time and then carry out attacks on the system. As for the case of Bitget purely a direct breakthrough without insiders. They really broke through, to date recorded raising almost $6-7 billion cumulatively.

[batang_bitcoin]

Sadly, crypto scams and hacks happen way too often. Most of the time, one small mistake is enough to lose everything. We really need to pay more attention to wallet security, privacy, and the links or contracts we interact with. The more we learn about security, the better we can protect our funds.

It is better to avoid those contracts. And as we learn about security matters, it opens the idea that prevention is better before it's too late. We know the risks that these matters has got. The hacking happened in the exchange scares more people on how they'd protect their funds. No need to look too far from it because the more that we're going to have our personal protection priority, the deep learning that we get. The scared ones think that owning a hardware wallet is no longer safe, IMO it is still the safest approach to protect our funds but you have to choose the better ones like Trezor.